brBTC’s 8.5% APY looks like one number. it isn’t. that yield is being generated across four completely different wrapped BTC assets WBTC via BitGo, FBTC with limited redemption mechanics, BTCB through BNB bridge, cbBTC sitting on Coinbase custody each carrying its own independent failure mode, none of it visible in the figure you see on the dashboard. the diversification across Babylon, Kernel, and Symbiotic is genuinely impressive. i’m not dismissing that. but DeFi summer 2020 taught me something that still holds the rate isn’t the risk. the mechanism behind the rate is. and right now Bedrock’s flagship product is asking Bitcoin holders to trust a unified yield number built on silently fragmented collateral. that’s not a reason to exit the position. it’s a reason to understand exactly what you’re holding before the market figures it out for you.

#Bedrock $BR #BTCFi @Bedrock

BRUSDT

Безсрочно

0.1119

-4.15%